Evolve Or Die: Is Your Dental Practice The Next Kmart or Amazon?

“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” -Bill Gates

Kodak. Kmart. Blockbuster Video. Three companies that were once at the top of their respective industries. And now, they’re a little more than the butt of a joke or punchline to a cautionary tale…one that revolves around corporate complacency and the belief

that once you figure out the secret to becoming fat, rich and happy…it will last forever.

Spoiler alert: It doesn’t.

For example…

Kodak, a company whose business centered around the production and sale of film, actually invented the digital camera. Then out of fear, they stashed it away in the closet in a futile effort to safeguard their existing product revenues. Meanwhile, leaner and more aggressive companies who paid more attention to changing technology and advancing consumer preferences brought their own version of that camera to market, and Kodak lost out BIG TIME.

Double that for Kmart…a retailer that sold household products and clothes for low prices, and did it great for decades. That is, until an online upstart called Amazon leveled the playing field and made it so that consumers had easy access to those same goods at equally low prices…but didn’t even have to get off the couch.

And finally, Blockbuster Video. Some people, including their executive board, believed it would be around forever. I mean, they had tons of movies — dozens and dozens, if not hundreds of VHS cassettes! How could you ever replace that variety and convenience?

Along came Netflix. Instead of hundreds of titles, they had thousands! And, those titles were available on demand with the click of a button on your TV, computer or even your phone! Netflix was the company that was more agile and able to adapt to customerdemands faster and easier.

In case you were wondering…yes, this directly applies to your dental practice and it’s current state of affairs.

Every industry evolves and changes, and dentistry is no exception. Over the last several years, I’ve seen more practices get buried than I’d care to admit. Most of them coming to me asking for help, but it was just too late.

Whether getting steamrolled by corporate behemoths or blindly relying on outmoded and obsolete business strategies, like “word of mouth” only marketing, especially when younger millennial dentists are investing heavily in Google, paid online ads, the internet and cutting edge technology. Meanwhile, the “old guard” continues to just drag on with the same ol’ dusty new patient strategies.

Too many doctors believe that
“What used to work will keep me successful forever”.

The undeniable truth is that our industry has changed, and does so every day. Doctors who have “old world” thinking are getting squeezed out daily (along with their beloved staff) and wind up closing their doors or selling their practice for WAY under market value just to stop the bleeding. This is proven by the fact that the Journal of the American Dental Association has reported that fewer dentists own practices now than a decade ago.

If you’re a regular reader of this blog, you know that I never leave you hanging. In fact, I don’t like to waste your or my time talking about failure. Instead, let’s talk about how to avoid it.

Even better, let’s talk about how certain independent and solo dentist practices have figured out how to crush their competition and make their practice BULLETPROOF in this new economy, especially when it comes to attracting the younger breed of quality patients called Millenials!

More than 30% of Millenials have untreated tooth decay which is the highest of any age group, and the millennial generation is larger than the Baby Boom generation and three times the size of Generation X, numbering roughly 77 million, millennial’s make up about one-fourth of the US population (src: Nielsen).

Dentistry has witnessed a sea of change, and a huge part of has to do with how doctors present themselves to potential patients. This is especially true when it comes to your online presence, or as I refer to it… your “Google house”.

You can utilize these best practices to capture the eyeballs of prospective new patients searching for a new doctor.

SO many consumers now rely on opinions from other people like them via Google. As a result, you should be spending the bulk of your time, effort and marketing budget influencing them in a way that’s sincere, honest and direct. Word of mouth is dying and 88% of consumers say they trust online reviews as much as personal recommendations. (src: ReturnPath)

I want you to learn how to leverage online marketing, social media and Google so that when a new patient is deciding who is their “go to” dentist, you’re at the top of the list; a respected professional who will treat them with care and concern.

How will they know this?

Again, it’s other patients who will tell them. Not some smudgy Yellow Pages ad or discount coupon in their local ValPak envelopes. Those are techniques of an industry that’s been on life support for years, and it won’t be long until they’re dead and gone.

Don’t be like Kodak, Kmart, Blockbuster, or anyone who refuses to read the writing on the wall. You HAVE to adapt to changing times in order to stay in business.

Yes, you can try to do it yourself. And you might figure it out. But, news flash…you’re a dentist! Why waste time trying to save a couple bucks having you or your staff DIY-ing it (and wasting staff time, progress and money in the process) when you can simply hand it over to professionals who are on the cutting edge of this new method of patient acquisition?

The bigger overall lesson here is “inaction and indecision”. Remember more harm is done by indecision than bad decision.

The facts for this occurrence are simple (but ignored by 99% of dentists who refuse to change!)

corporate dental practices invading cities and breaking private practices over their knees in a matter of months, regardless of market size (urban or rural).

patients spending less money than ever (hoarding cash due to economic uncertainty, looming economic policies, employment uncertainty, and a new unproven president)

LARGE private mega practices buying up everything in sight, including market share.

expanded dental hygienist practice (reducing the need for dentists)

insurance manipulation and domination of the market place.

Young Millenial dentists who know how to market their practice in this new modern economy

Dental Practices lose 12% of their patient base (national avg) each year and have no marketing system in place to replace these patients year over year (src: ADA)

I want to help you put an action plan together to get your practice moving in the right direction. Do NOT be a stick in the mud, who refuses to change. This year can be that year for change. Let’s do it!

One word of WARNING: This action plan will disappear with out notice! So don’t delay.

Comments: 1

I have been in the denture business for 51 yrs and still love it, and I am of the “Old School” and would love to work the independent thinking membership of your organization. If I can be of service to any of the “Old School” dentists who still like the Hands-On lab professional, let me know how I can be of service. In my 51 years, over 25 years are clinical, and a 2 yr prosthodonic fellowship under Dr Mark Connelly in Germany from 1974 – 1976 while serving in the US Army.

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